The strange panties-dropping saga of Nick Hogan continues. We've just learned the son of Hulk was arrested today in Clearwater, Florida on "felony charges of reckless driving involving serious bodily injury." Clearwater police claim the crash the young Hogan (also known as Bollea) was involved in back in late August that left his passenger, John Graziano, critically injured was caused by — wait for it — street racing. Yup, Hogan was supposedly racing a silver Dodge Viper when he lost control of his "P***y magnet"yellow 1998 Toyota Supra. The urine-colored car then struck a curb and spun 180 degrees across two lanes of traffic, slamming rear-end first into a palm tree. We'll keep you up-to-date on what happens next, as well as how many panties drop at the mere mention of Hogan's super Supra. In case you've forgotten what the Supra looked like post-crash, we've re-included our gallery below. You know, for purposes of posterity. (Hat tip to M0L0TOV!)

UPDATE: According to AutoBlog's cousins at TMZ, the young Hogan was allegedly also showing a wee bit of alcohol in his bloodstream and to make matters worse, he was driving with tinted windows — naughty, naughty! More here.